Turkey PMI November 2016

Turkey: Manufacturing PMI dips in November

December 1, 2016

The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, fell from 49.8 in October to 48.8 in November, remaining below the 50-point threshold that separates contraction from expansion in the manufacturing sector.

Firms’ output and new orders fell in November compared to October, while employment rose for the fourth month running and export orders increased at their fastest rate in 2016. Also, the depreciation of the lira pushed up manufacturing input prices, with inflation rising for the second consecutive month. In the goods producing sector purchasing activity showed little change in November compared to the previous month, although employment in the sector rose.

FocusEconomics Consensus Forecast participants expect industrial production to rise 2.8% in 2016, which is down 0.5 percentage points from last month’s estimate. The panel also sees industrial output increasing 3.1% in 2017, which is down 0.2 percentage points from last month’s forecast.

Author:Oliver Reynolds, Economist

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The Manufacturing Purchasing Managers’ Index (PMI) produced by the Istanbul Chamber of Industry (ICI) and IHS Markit eased from 54.7 in June to 53.6 in July, which marked the second-highest reading in more than three and a half years.